Attached files
| file | filename |
|---|---|
| 8-K - GOLD HILLS MINING, LTD. | v199553_8k.htm |
| EX-99.2 - GOLD HILLS MINING, LTD. | v199553_ex99-2.htm |
| EX-99.3 - GOLD HILLS MINING, LTD. | v199553_ex99-3.htm |
Ardent
Mines Announces the Signing of a Memorandum of Understanding to Purchase Gold
Reserves in Brazil
Oct. 21,
2010 (PR Newswire) --
NEW YORK
-- Ardent Mines Limited ("Ardent" – OTC Bulletin Board: ADNT) has announced the
signing of a Memorandum of Understanding ("MOU") with the owners of Rio Sao
Pedro Mineracao, Ltd. ("RSPM"), a Brazilian entity that owns land suitable
for potential gold mining located 8 miles from Paracatu, Brazil, and
approximately 180 miles from the capital city of Brasilia.
"The
property, known as the Fazenda Lavras, is near the highly successful operation
of Kinross Gold in Paracatu, which has become the largest producing mine in
Brazil," noted Leonardo Riera, Ardent's Chief Executive Officer.
Preliminary
evaluations conducted by independent geologists indicate reserves of
approximately 5,700,000 ounces of gold in the property, consisting of
approximately 400 Acres. In addition, RSPM controls the mineral rights on
more than 1,000 acres of adjacent properties. This estimation was made on
the basis of analysis to a depth of just 40 meters. In comparative terms, the
neighboring Kinross operation is continuing to produce at 80 meters. "The
geologists reports indicate that the two properties have similar geological
formations, so we are very excited about the potential of this acquisition,
which we have named Vale du Ouro (Gold Valley)," said Mr. Riera.
Pursuant
to the MOU, Ardent expects to acquire 100% of the shares of RSPM - to include
the property and all its mineral rights - by means of a share exchange. In
consideration for the acquisition of RSPM, Ardent will issue 14,957,650 shares
of Ardent common stock. Such shares shall represent, as of the date
of their issuance to the sellers of RSPM, fifty percent (50%) of the issued and
outstanding equity shares of Ardent. The closing of the transaction is
subject to customary closing conditions, including the completion of a thorough
geology survey, completion of audited financial statements, acquisition of all
necessary government approvals to commence gold mining on the property,
completion of due diligence, and the execution of detailed final agreements.
After the conclusion of the due diligence period and closing, Ardent expects to
obtain financing to conduct further exploration and initiate installation
of mining facilities. "RSPM is in the process of applying for all
environmental permits and gold production licenses in Brazil; we are closely
collaborating with the owners, and expect to conclude due diligence with a
target closing of the acquisition in late November or early December of this
year," explained Riera.
"We are
also evaluating other gold properties for Ardent to acquire," noted Mr. Riera.
Mr. Riera
received his MBA from Wharton, and has 25 years of Investment banking
experience. He was formerly Executive Director and Country Head of Bankers Trust
Company - Latin America and was a consultant for McKinsey. "Ardent," noted
Mr. Riera, "is now in the process of assembling a strong team of geologists and
mining experts, and attracting highly credentialed individuals to our Board of
Directors."
About
Ardent Mines Limited:
Ardent is
positioning itself to develop mining operations throughout the world.
Ardent is an exploration stage company, and is presently researching and
negotiating acquisitions, acquiring financing and assembling staff.
Forward-Looking
Statements
This
press release contains "forward-looking statements" as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These statements are based
upon our current expectations and speak only as of the date hereof. These
forward-looking statements are based upon currently available competitive,
financial, and economic data and management's views and assumptions regarding
future events. Such forward-looking statements are inherently uncertain. Our
actual results may differ materially from those expressed in any forward-looking
statements as a result of various factors and uncertainties. Ardent cannot
provide assurances that any prospective matters described in the press release
will be successfully completed or that Ardent will realize the anticipated
benefits of any transactions. Various risk factors that may affect our business,
results of operations and financial condition are detailed from time to time in
the Current Reports on Form 8-K and other filings made by Ardent with the U.S.
Securities & Exchange Commission. Ardent undertakes no obligation to update
information contained in this release.
Contact:
Leonardo
Riera
Chief
Executive Officer
(561)
989-3200
Source:
PR Newswire (October 21, 2010 - 9:15 AM EDT)